The Australian share market has rocketed to an eight-week high and oil prices are plunging on news that the US and Iran have reached a peace deal.
The S&P/ASX200 gained 122.2 points by midday on Monday, to be up 1.39 per cent, to 8,926.2, as the broader All Ordinaries jumped 128.3 points, or 1.42 per cent, to 9,134.4.
Markets had been waiting for a breakthrough on the Middle East conflict for months, with easing energy costs expected to provide a tailwind for equities and risk sentiment, eToro APAC lead analyst Josh Gilbert said.
"That said, investors should tread carefully before getting too far ahead of themselves, because there is always a temptation in moments like this to chase the move," he added.
